Business
Apartments selling for massive markup due to planning rules, research claims – The New Daily
The average new apartment in Sydney sells for $355,000 more than it costs to supply the home, according to two Reserve Bank economists.
The average new apartment in Sydney sells for $355,000 more than it costs to supply the home, according to two Reserve Bank economists.
A discussion paper by two staffers at the central bank claims buyers shell out $873,000 on average to snap up a new apartment in the Harbour City, even though it only costs $519,000 to supply it.
The massive markup equates to 68 per cent of costs and is attributed by economists Keaton Jenner and Peter Tulip to a shortage of apartments due to restrictive planni…
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